Funding you earn now, next payment 23:00 UTC+0.0214%/8h= +23.4% APRnext payment +$0.27 per $10,000 · paid last 24h −0.038%
Price spread now: Phoenix against Arcus+0.053%7-day average +0.012% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$19as in the Price arb table
costs, in and out, $10k−$230.227% of the position
Funding, last 3 days (all we have)−0.135%−$13 on $10k
+Price spread, last 3 days (all we have)−0.068%−$7 · spread now +0.053%, 7d avg +0.012%
=Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.041% dearer against Arcus than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.012%. Mind the row above: over the last 3 days funding on this pair cost −0.135%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Arcus SPY-USD | 773.48 | −0.0266 | get 0.0033% / 1h | 39m 26s | $940K | $1.5M | 50x |
| Short | Phoenix SPY | 773.89 | −0.0052 | pay 0.0006% / 1h | 39m 26s | $161K | $296K | 20x |
Arcus SPY-USD
Phoenix SPYFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Arcus. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $44.91
- Price spread: +0.053% → +0.012%
- $4.13
- Slippage, 4 orders
- −$11.18
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $26.36
- Costs to cover
- 0.227%
- Break-even
- 2.9 days
Slippage from Arcus: live order book, 5 min ago; Phoenix: live order book, 36 min ago.
Cost to enter
taker fee + slippage from the mid, one side; closing costs about the same again| Leg | Half-spread | $10k | $100k | $1M | $5M |
|---|---|---|---|---|---|
| Buy Arcus live order book, 5 min ago | 0.06 bp | 2.9 bp −$3 | 3.0 bp −$30 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 36 min ago | 0.13 bp | 7.9 bp −$8 | 15.8 bp −$158 | doesn't fit | doesn't fit |
SPY on 27 venues
lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Arcus SPY-USDlong | −0.0266% | 1h | 773.48 | long leg | $940K | $1.5M | 50x | |
| BloFin SPY-USDT | −0.0120% | 8h | 774.46 | +0.127% | $411K | $726K | 50x | as long as short |
| Phoenix SPYshort | −0.0052% | 1h | 773.89 | +0.053% | $161K | $296K | 20x | |
| Aster SPYUSDT | 0.0000% | 8h | 774.30 | +0.106% | $863K | $204K | 20x | as long as short |
| Binance SPYUSDT | 0.0000% | 8h | 774.48 | +0.129% | $28.6M | $83.1M | 50x | as long as short |
| Bybit SPYUSDT | 0.0000% | 8h | 774.47 | +0.128% | $6.2M | $2.1M | 100x | as long as short |
| OKX SPY-USDT-SWAP | 0.0000% | 8h | 774.43 | +0.123% | $7.9M | $3.4M | 50x | as long as short |
| Gate SPY_USDT | 0.0000% | 8h | 773.90 | +0.054% | $747K | $2.3M | 75x | as long as short |
| MEXC SPY_USDT | 0.0000% | 8h | 774.48 | +0.129% | $28.0M | $11.7M | 100x | as long as short |
| GRVT SPY_USDT_Perp | 0.0000% | 8h | 774.64 | +0.150% | $157K | $411K | 10x | as long as short |
BloFin SPY-USDT
Aster SPYUSDT
Binance SPYUSDT
Bybit SPYUSDT
OKX SPY-USDT-SWAP
Gate SPY_USDT
MEXC SPY_USDT
GRVT SPY_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX SPY-USDT | 0.0000% | 8h | 775.54 | +0.266% | $2K | $1.5M | 10x | as long as short |
| HTX SPY-USDT | 0.0000% | 8h | 774.69 | +0.156% | $308K | $20K | 50x | as long as short |
| Bitget SPYUSDT | +0.0025% | 8h | 774.61 | +0.146% | $11.0M | $2.6M | 50x | as long as short |
| Lighter SPY | +0.0032% | 1h | 774.30 | +0.106% | $8.2M | $22.3M | 50x | as long as short |
| Lighter RH SPY | +0.0032% | 1h | 774.64 | +0.150% | $56.8M | $118.3M | 50x | as long as short |
| Vest SPY-USD-PERP | +0.0046% | 1h | 773.20 | −0.036% | — | $123K | 50x | as long as short |
| Coinbase International SPY-PERP-INTX | +0.0048% | 1h | 773.56 | +0.010% | $955K | $584K | 20x | as long as short |
| Ondo Perps SPY-USD.P | +0.0050% | 1h | 773.75 | +0.035% | $4.8M | $847K | 20x | as long as short |
| Nado SPY-PERP | +0.0070% | 1h | 773.98 | +0.064% | $1.5M | $301K | 20x | as long as short |
| edgeX SPYUSDC | +0.0093% | 4h | 774.35 | +0.112% | $640K | $240K | 20x | as long as short |
| KuCoin SPYUSDTM | +0.0100% | 8h | 773.89 | +0.053% | $2.5M | $974K | 20x | as long as short |
| ApeX Omni SPYUSDT | +0.0100% | 1h | 773.96 | +0.062% | $159K | $23K | 50x | as long as short |
| Orderly PERP_SPY_USDC_mythos | +0.0100% | 8h | 774.54 | +0.137% | $1K | — | 20x | as long as short |
| Aevo SPY-PERP | +0.0104% | 1h | 773.95 | +0.061% | $87K | — | 10x | as long as short |
| RISEx SPY/USDC | +0.0110% | 1h | 774.65 | +0.151% | $6.9M | $5.2M | 25x | as long as short |
| GMX SPY/USD [ETH-USDC] | L +0.0208% / S −0.0429% | 1h | 774.48 | +0.129% | $10K | — | 26x | as long as short |
| Deribit SPY_USDC-PERPETUAL | +0.0228% | 1h | 774.28 | +0.103% | $23K | $58K | 20x | as long as short |
SunX SPY-USDT
HTX SPY-USDT
Bitget SPYUSDT
Lighter SPY
Lighter RH SPY
Vest SPY-USD-PERP
Coinbase International SPY-PERP-INTX
Ondo Perps SPY-USD.P
Nado SPY-PERP
edgeX SPYUSDC
KuCoin SPYUSDTM
ApeX Omni SPYUSDT
Orderly PERP_SPY_USDC_mythos
Aevo SPY-PERP
RISEx SPY/USDC
GMX SPY/USD [ETH-USDC]
Deribit SPY_USDC-PERPETUAL